H.C. Wainwright initiates coverage on Ohr Pharmaceutical (NASDAQ: OHRP) with a Buy rating and a price target of $10.00.

Analyst Corey Davis commented, "Our focus is on squalamine, in Phase 3 for wet age-related macular degeneration (AMD). There is tremendous interest in this category given the success of Lucentis and Eylea (~$8B combined), and yet Ohr is mostly overlooked by the Street, in our view. Although squalamine is an old drug that has been around since the 1990’s, we think Ohr has identified the correct path forward based on a re-examination of the failed Phase 2 trial. It began a 650-patient Phase 3 trial in June 2016, and we expect data in 2018, with a launch in 2019. Given the interest in the space, we wouldn't be surprised to see a corporate partnership deal in advance of the Phase 3 data."

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